Dan Pickering

I think that's absolutely true.

And there was one concept of Liberation Day that really what it was about was about trying to be sure from a national security perspective that we shore up our relationships with our allies vis-a-vis China and adversary.

What you have seen over the course of the last year is, if anything, the opposite of that.

You have seen us push our allies into China's hands

And the economic consequences of those types of disruptions, I think, are actually understated by the types of estimates that we're doing at Budget Lab.

Thanks so much for having me.

15 million barrels a day isn't easy to offset anywhere.

That's the total production of the United States, and we're the biggest producer in the world.

There is no easy fix anywhere.

Demand growth a decade ago was running at about half a percent per year.

Demand growth a decade ago was running at about half a percent per year.

In the last three or four years, it's ticked up to around 1.5% per year.

In the last three or four years, it's ticked up to around 1.5% per year.